LONGER-term mortgages are undergoing a revival with a rush of lenders offering tempting 10-year fixed-rate deals.

Halifax is the latest lender to join the queue, slashing its 10-year rate by 0.2 per cent to 4.99 per cent.

But the best deals currently on offer are from the Norwich and Peterborough Building Society and Yorkshire Building Society offering 4.68 and 4.69 per cent respectively.

"Ten-year fixed-rate products are undergoing a revival," said Louise Cuming, who is head of mortgages at the price comparison website, moneysupermarket.com.

"There are increasing numbers of sub-five per cent deals available.

"With 50 year gilts at a low of 3.7 per cent, the mortgage industry is also showing signs of the low cost of long term money."

Tempted

A number of other lenders are currently offering 10-year fixes. Newcastle Building Society's rate of 4.75 per cent is available up to 90 per cent of property value, as is Nationwide's 4.89 per cent offer.

West Bromwich BS, which also has a rate of 4.89 per cent, allows borrowing up to 95 per cent of property value.

However, she sounded a note of caution to borrowers tempted to rush into signing up for longer-term deals.

"I would strongly advise against borrowers going onto such long-term fixed-rates unless it suits their lifestyle," she warned.

"Very rarely can people plan their lives for the next 10 years and if circumstances change, they will be hit by massive early repayment charges.

"Those looking at the security of a long term deal will be better off with a five year fixed rate - Norwich & Peterborough Building Society offer the lowest at the moment at 4.68 per cent.

SKIPTON BS is launching a new range of fixed-rates, starting from 4.45 per cent for a two-year option, rising to 4.74 per cent for three and five-year versions. Skipton also has a new Base Rate Tracker Extra at 4.99 per cent with no fees and é150 cashback.

HALIFAX has a new two-year fixed-rate deal at 4.45 per cent available for loans up to 75 per cent of property value.

SAVILLS Private Finance is offering a two-year fixed rate at 0.51 per cent below base rate, giving a payrate of 3.99 per cent. Early repayment penalties apply and there's a é1,499 fee. It's available up to 90 per cent LTV.